Beyond Meat Shares Surge After Pepsico Partnership Announced
Shares leveled out on Tuesday but spiked around 6 percent again on Wednesday in intraday trading. Shares in the plant-based protein company briefly resided above $200, a milestone the company hasn't reached since mid-2019.
Beyond Meat's partnership with Pepsi welcomes a new type of plant-based snack and beverage. The joint venture is called The PLANeT Partnership and will focus on developing, producing, and marketing new products with ingredients that use plant-based proteins.
"Plant-based proteins represent an exciting growth opportunity for us, a new frontier in our efforts to build a more sustainable food system and be a positive force for people and the planet, while meeting consumer demand for an expanded portfolio of more nutritious products," said Ram Krishnan, PepsiCo Global Chief Commercial Officer.
The financial terms of the joint venture were not disclosed to the public.